Critical minerals explorer RareX has signed a site access agreement with AngloGold Ashanti regarding exploration licence E39/2504, situated in the northern portion of its district-scale Khaleesi niobium project in Western Australia.
The agreement governs the use of the Tropicana access road and is expected to facilitate efficient travel into the licence area for the company’s exploration activities.
It represents the final hurdle before the licence can be granted and priority drilling targets accessed.
Tenement location
Tenement E39/2504 sits immediately north of the Khaleesi Alkaline Intrusion Complex and 20 kilometres south of the Tropicana gold mine.
It is located within the Khaleesi project, which spans 966 sq km and is highly prospective for rare earth elements, gold, base metals and niobium, with an enrichment of up to 1,000 parts per million.
RareX acquired the project in May from two private vendors for a cash payment of $100,000, plus 9.8 million ordinary shares priced at $0.016 each equating to approximately $157,000.
Conservation agreement
RareX has one outstanding access agreement with Deep Yellow (ASX: DYL) before it can unlock all of the Khaleesi project tenure in the East Yilgarn Craton.
The agreement relates to a conservation management area, a part of the Mulga Rocks project owned by Deep Yellow subsidiary Narnoo Mining that requires regulatory approval before both companies can conduct field exploration activities.
Once regulatory and native title approval has been received, ground geophysical work will commence to help identify targets for a high-impact drilling campaign in the new year.
Previous explorers
Previous exploration at Khaleesi by Western Mining Corporation, Anglo Gold Ashanti and BHP (ASX: BHP) was focused on gold-copper-uranium with the Iceberg gold prospect, some 3km from the western boundary of E39/2504, returning intersections up to 14m at 1.4 grams per tonne gold.
AngloGold completed diamond drilling at Iceberg and confirmed the mineralisation is related to an interpreted easterly dipping thrust and deeper shear zones that have interacted with a mafic intrusion at depth.
